Wood sells Built Environment consulting business to WSP for $1.9 billion
01 June 2022
Wood has signed an agreement for the sale of its Built Environment consulting business to WSP Global Inc. for approximately $1.9 billion.
The move comes as Wood looks to reduce its net debt, increase its financial flexibility and focus on delivering its energy security and sustainability strategy.
Robin Watson, Chief Executive, said: "We are very pleased to have agreed this sale with WSP. This transaction will deliver significant value for our shareholders and marks a new chapter for Wood. It enables us to move onto our next strategic phase with the financial flexibility to accelerate our strategy to capture the growth opportunities ahead across both energy security and sustainability.
"We are focused now on the steps to complete this deal and in further developing our strategy, which we will outline in detail at a capital markets day, when my successor as Chief Executive is in place."
Alexandre L’Heureux, President and Chief Executive Officer of WSP, said: "The addition of the Built Environment Consulting business will allow us to expand our Earth and Environment leadership across our key markets and geographies. We share a common purpose of making the world a better place and our united forces will only further our expertise to create a more sustainable and resilient world."